Plant-Based Milk Market: By Source (Almond Milk, Soy Milk, Rice milk, Coconut Milk, Oat Milk, and Others), By Distribution Channel (Retail Stores, Hypermarkets & Super markets, Online Stores, and Others), By Application (Nutritional application, Snacks, Desert & Confectionary, Bakery, Animal Feed, Beverages, Dairy), and Geography

Plant-Based Milk Market size was valued at USD 19,215.4 million in 2022, and is expected to grow at a 9.3% CAGR from 2023 to 2029. Plant based milk are the plant beverages resembling the colour of milk. Plant based milks are non-dairy beverages made up of plant extracts. The consumption of plant-based milk is growing at a high rate across the globe due to its health benefits. The market growth of plant-based is expected to grow rapidly in the forecasted years due to the rising concern of consumer in health benefits and inclination towards the vegan food and beverages. The adoption of plant-based milk products by consumer suffering from diabetes patient, obesity, cardiovascular disease has increased in recent years is expected to grow the plant-based milk market growth in a significant rate in the forecasted years. The allergy related to lactose or lactose intolerance among some people is also considered as a driving factor in the plant-based milk market. The easy availability of raw material and source like soy, rice, coconut, oats are expected to fuel the growth of plant-based milk products. The use of plant-based milk in the manufacture of soy yogurt, vegan cheese, plant cream and ice cream substitutes are expected to aid the market growth. The growing awareness in younger generation about the negative health effects of food preservatives, chemicals and other substances may is expected to fuel the plant-based milk market. The key players in plant-based milk market are focused in the research and development of new innovative plant milk-based products aids the growth of market. However, the high cost of plant-based milk and the negative impact of health on the infants and children are expected to hinder the plant-based milk market growth in the forecasted years. Geographically, North America region held the major market share in 2022 and is expected to dominate the global plant-based milk market in the forecasted years, and the Asia pacific region to have a significant growth in the forecasted years.

Plant-Based Milk Market Key Developments:

• In September 2022, Vitasoy Holdings Limited launched fresh Vitasoy milk + oats milk and almond milk.